Solution-How much is valley corporation net gain or loss

How much is valley corporation net gain or loss

Assignment Help Accounting Basics

Reference no: EM133138798

Question - Valley Corporation, a C Corp, disposed of the following assets, all Sec 1231 property, during 2021:

Asset

Deprec Method

Cost

Accum Deprec

Adj. Basis

Sale Price

Equipment#1

Equipment#2

Building

Land

MACRS - DDB

MACRS - SL

N/A

$55,000

$32,000

$110,000

$45,000

$40,000

$11,000

$50,000

$15,000

$21,000

$60,000

$45,000

$23,000

$30,000

$135,000

$55,000

Required -

A: How much is Valley Corporation's Sec 1245 ordinary income recapture?

B: How much is Valley Corporation's Sec 1250 ordinary income recapture?

C: How much is Valley Corporation's Sec 291 ordinary income recapture?

D: How much is Valley Corporation's net Sec 1231 gain or loss for 2021 after 1245, 1250, and 291 recapture (before considering the look-back provision)?

Reference no: EM133138798

Questions Cloud

Creates business profiles on major social networks : Social media allows organizations to capture the eyes of their target audience. social media and content should complement and enhance each other.

What should the company report as its net income : What should the company report as its net income for the year and as its total for all reported assets as of the end of that year

What purpose does hrm serve in an organization : Human Resources Management (HRM)-what a mouthful! Class, this term, I will introduce you to the concepts of HRM-what it is, what it does (typically), what it ca

Research the australian community workers association : Research the Australian Community Workers Association (ACWA) Code of Ethics. Identify and discuss 5 of the responsibilities and expected behaviour from the Code

How much is valley corporation net gain or loss : How much is Valley Corporation's net Sec 1231 gain or loss for 2021 after 1245, 1250, and 291 recapture (before considering the look-back provision)

Benefit the organization hr processes : Present recommendations: Provide a thorough and professional report explaining how you would making changes to, or update, the functional area with your chosen

What were rio tinto doing that was good : What were Rio Tinto doing that was good for the Aboriginal community in relation to the workplace

Examine the major effects of unfair bargaining actions : Examine the major effects of unfair bargaining actions on the negotiation climate.

Pricing strategy and supply chain strategy : Connection to differentiation and positioning strategy. Overall supply chain strategy. Channels and intermediaries being used

User Account

All Pages

How much is valley corporation net gain or loss

Reference no: EM133138798

Reference no: EM133138798

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT